Bitcoin is the Perfect Hedge Against Central Bank Collapse, EconomistSteve Msoh30. July
Bitcoin is the perfect hedge against central bank collapse, economists outline
Steve Msoh July 2024
Renowned economist Alex Kruger has stated that Bitcoin has solidified its role as a hedge against continued fiat devaluation and the impending collapse of the Fiat system.
Bitcoin fell 4% to $66,400 as the pump effect of Trump's speech faded. However, Republican support for BTC remains strong.
We are living in an uncertain time, shaped by conflict in Eastern Europe and the Gaza Strip, one of the most important US elections, the rise of a strong alternative economic bloc for BRICs, and more news. The global economy is taking a hit, and with that, Fiat is on the receiving side. According to economist Alex Kruger, this is the perfect time to hold Bitcoin as a hedge against the impending collapse of the Fiat system.
Kruger recently joined the Blocmates Orange podcast and discussed Bitcoin, its practicality, layer 2, sidechains, and the relationship between crypto and fiat systems with Rich Rines, a Core DAO contributor that combines Bitcoin's security with Ethereum's scaling.
Kruger maintained his forecast that the US economy was headed for ruin, and said that even Federal Reserve Chairman Jerome Powell acknowledged that the country's fiscal path was unsustainable.
The economist says that if the US is concerned about the value of its fiat currency or whether it can maintain the surging debt that is already happening, “you want as much bitcoin as possible, as long as you don't ruin your portfolio.”
Last year, Bank of America warned that the US could accrue $100 worth of debt every 1 day. This is simply unsustainable and will soon explode. Even the Federal Reserve Chairman has acknowledged that the country “has a very large deficit” and that “the level of debt is not unsustainable, but the path we are on is unsustainable.”
Kruger added that all of these factors will culminate with Bitcoin “potential reserve assets, store value, increased adoption of Bitcoin as digital gold, and increased adoption of Bitcoin as a hedge against uncontrolled debt and the collapse of the dollar.”
Bitcoin dip 4%
At press time, BTC traded at $66,391, down 4% over the past day, and gained a market capitalization of $1.3 trillion. It triggered a wider market retracement, and the overall market capitalization fell 3.3% to $2.4 trillion.
Most major tokens lost 1-5% in the past 24 hours, and XRP became the only outlier in the top 20 after gaining 2.3% to solidify its position above USDC.
After top coins surged in anticipation of Donald Trump's appearance at the Bitcoin conference, the decline was not unexpected. The Republican presidential candidate was not disappointed and promised the firing of anti-crypto Gary Gensler, as we reported, as protecting America's reserve assets and miners. However, the “selling news” effect is bound to hit the crypto world.
However, despite falling prices, the Republican Party continues to support crypto. Tennessee Senator Bill Hagerty told Bloomberg earlier today that “Bitcoin must thrive here” under President Trump.
Steve Msoh July 2024
Renowned economist Alex Kruger has stated that Bitcoin has solidified its role as a hedge against continued fiat devaluation and the impending collapse of the Fiat system.
Bitcoin fell 4% to $66,400 as the pump effect of Trump's speech faded. However, Republican support for BTC remains strong.
We are living in an uncertain time, shaped by conflict in Eastern Europe and the Gaza Strip, one of the most important US elections, the rise of a strong alternative economic bloc for BRICs, and more news. The global economy is taking a hit, and with that, Fiat is on the receiving side. According to economist Alex Kruger, this is the perfect time to hold Bitcoin as a hedge against the impending collapse of the Fiat system.
Kruger recently joined the Blocmates Orange podcast and discussed Bitcoin, its practicality, layer 2, sidechains, and the relationship between crypto and fiat systems with Rich Rines, a Core DAO contributor that combines Bitcoin's security with Ethereum's scaling.
Kruger maintained his forecast that the US economy was headed for ruin, and said that even Federal Reserve Chairman Jerome Powell acknowledged that the country's fiscal path was unsustainable.
The economist says that if the US is concerned about the value of its fiat currency or whether it can maintain the surging debt that is already happening, “you want as much bitcoin as possible, as long as you don't ruin your portfolio.”
Last year, Bank of America warned that the US could accrue $100 worth of debt every 1 day. This is simply unsustainable and will soon explode. Even the Federal Reserve Chairman has acknowledged that the country “has a very large deficit” and that “the level of debt is not unsustainable, but the path we are on is unsustainable.”
Kruger added that all of these factors will culminate with Bitcoin “potential reserve assets, store value, increased adoption of Bitcoin as digital gold, and increased adoption of Bitcoin as a hedge against uncontrolled debt and the collapse of the dollar.”
Bitcoin dip 4%
At press time, BTC traded at $66,391, down 4% over the past day, and gained a market capitalization of $1.3 trillion. It triggered a wider market retracement, and the overall market capitalization fell 3.3% to $2.4 trillion.
Most major tokens lost 1-5% in the past 24 hours, and XRP became the only outlier in the top 20 after gaining 2.3% to solidify its position above USDC.
After top coins surged in anticipation of Donald Trump's appearance at the Bitcoin conference, the decline was not unexpected. The Republican presidential candidate was not disappointed and promised the firing of anti-crypto Gary Gensler, as we reported, as protecting America's reserve assets and miners. However, the “selling news” effect is bound to hit the crypto world.
However, despite falling prices, the Republican Party continues to support crypto. Tennessee Senator Bill Hagerty told Bloomberg earlier today that “Bitcoin must thrive here” under President Trump.
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